A bill to establish the Consumer Price Index for Elderly Consumers for purposes of determining cost-of-living increases under the Social Security Act, and to amend the Internal Revenue Code of 1986 to apply payroll taxes to remuneration and earnings from self-employment up to the contribution and benefit base and to remuneration in excess of $250,000, and for other purposes.
Fair Raises for Seniors Act - Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to publish for each calendar month a Consumer Price Index for Elderly Consumers (CPI-E) that indicates the average change over time in the prices paid by individuals in the United States who are age 62 and older for a market basket of consumer goods and services.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to make the CPI-E the applicable Consumer Price Index (CPI) for computation of cost-of-living increases in OASDI benefits for such individuals.
Amends the Internal Revenue Code to exclude from wages for purposes of employment and self-employment taxes (under the Federal Insurance Contributions Act [FICA] for OASDI insurance): (1) any remuneration up to $250,000 of the amount of the contribution and benefit base, and (2) only so much of that remuneration that is less than $250,000.
Amends SSA title II to include 1% or $1,000 (whichever is less) of surplus average indexed monthly earnings in the determination of primary OASDI amounts.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Read twice and referred to the Committee on Finance.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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